Fact Based List:
Healthcare Reform Timeline: What Happens in 2013
Submitted by Anonymous on Wed, 12/19/2012 - 18:04
- Health insurance administration simplification: Regulations establishing a single set of operating rules for eligibility verification and claim status will be issued and take effect January 1, 2013.
- Medicare tax: Effective 1/1/13, Part A tax rate on wages goes up 0.9% on earnings >$200,000 for individual % >$250,000 for joint filers. There is also a 3.8% tax assessment on investment income.
- FSA contribution limit: Effective January 1, 2013, contributions to an FSA for medical expenses are limited to $2,500 per year increased annually by the cost-of-living adjustment.
- Elimination of tax deduction for Part D subsidy payment: Effective January 1, 2013, the tax deduction for employers that receive Medicare Part D retiree drug subsidy payments is eliminated.
- Requirement on employers to inform employees of coverage options: Employers are to provide to each employee written notice informing the employee about insurance Exchanges.
Source: Business & Legal Resources
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